Is Phoenix still one of the fastest growing cities? (Mesa: 2014, apartment complex)

[HX_Guy]

It is according to Forbes...landed #3 on a list of top 20.

Where Phoenix ranks among fastest-growing cities - Phoenix Business Journal

[john3232]

Sounds nice.

Now let's hope wages/salaries begin to rise.

Because it doesn't do much good if many new arrivals get stuck working a $10-$12 hourly wage job.

[Ponderosa]

The bigger you get the less the percentage change in growth is. 1.67% of Phoenix is a lot more newcomers than 1.67% of Austin - the top growth rate in the survey. In any case, they are still coming in droves - but anecdotally nothing like 10 years ago.

[Ponderosa]

Originally Posted by john3232

Sounds nice.

Now let's hope wages/salaries begin to rise.

Because it doesn't do much good if many new arrivals get stuck working a $10-$12 hourly wage job.

I doubt they are coming to take $10 per hour jobs. Drive around a bit. You see 200K plus houses all over, millions of them. How about all the 500K plus houses in the ritzier places? Then there are all the late model cars on the freeway going to work. They can't all be selling drugs and making porn flicks. Many people are obviously making a lot more than ten bucks an hour. My own development has a median family income of about $100K per year according to the developer ads - that's more than double what even two $10 per hour jobs would bring in. In fact, salary surveys put PHX in about the middle of the pack with respect to earnings. Could we use more high paying jobs? Of course, but many do quite well here.

[john3232]

Originally Posted by Ponderosa

... Many people are obviously making a lot more than ten bucks an hour. .

I'm sure there are but based on incomes provided by recent rental applicants $3600-$3900 monthly gross is what I found in East Mesa for many couples.

I realize it's anecdotal but my experiences as a landlord tend to back up what I read about wages being low and people still having a hard time

You know people earning $100 grand? Great!! They'll live like a star here.

However, I've never had applicants come close to that even in the nicer parts of Gilbert and Chandler where I also own rentals.

And as far as nice cars goes...one of my renters drives a beautiful 4-wheel drive truck too bad he can't pay the rent on time.

Had another guy a couple of years back in Chandler who drove a killer corvette. Had to evict him when he flat out couldn't pay his rent. Maybe he should have sold the car.

[Tall Traveler]

Originally Posted by john3232

Sounds nice.

Now let's hope wages/salaries begin to rise.

Because it doesn't do much good if many new arrivals get stuck working a $10-$12 hourly wage job.

According to that Forbes article, Phoenix median pay is higher than 13 of the 19 other fastest growing cities. I was very surprised given what I had heard about Phoenix salaries.

[john3232]

Originally Posted by Tall Traveler

According to that Forbes article, Phoenix median pay is higher than 13 of the 19 other fastest growing cities. I was very surprised given what I had heard about Phoenix salaries.

Me too.

In any case I am bullish on the future of the Phx metro.

The area has a lot to offer and I fully expect for it to continue growing.

[westcoastbabe]

Originally Posted by john3232

sounds nice.

Now let's hope wages/salaries begin to rise.

Because it doesn't do much good if many new arrivals get stuck working a $10-$12 hourly wage job.

agreed

[stevek64]

Originally Posted by john3232

I'm sure there are but based on incomes provided by recent rental applicants $3600-$3900 monthly gross is what I found in East Mesa for many couples.

I realize it's anecdotal but my experiences as a landlord tend to back up what I read about wages being low and people still having a hard time

You know people earning $100 grand? Great!! They'll live like a star here.

However, I've never had applicants come close to that even in the nicer parts of Gilbert and Chandler where I also own rentals.

And as far as nice cars goes...one of my renters drives a beautiful 4-wheel drive truck too bad he can't pay the rent on time.

Had another guy a couple of years back in Chandler who drove a killer corvette. Had to evict him when he flat out couldn't pay his rent. Maybe he should have sold the car.

I agree with your thought that it's anecdotal in your situation....you're looking at only one subgroup, renters.

While I think there are some renters who want to be renters/don't want to be homeowner's for many reasons, some people are trying out an area, temporary work for a year or 2 etc., I think the vast majority of people who are making good money/have good credit and want to remain in an area indefinitely would prefer to own their own home if they could and this is why you're not seeing that salary range in your rental business.

[PhoenixSomeday]

Originally Posted by stevek64

While I think there are some renters who want to be renters/don't want to be homeowner's for many reasons, some people are trying out an area, temporary work for a year or 2 etc., I think the vast majority of people who are making good money/have good credit and want to remain in an area indefinitely would prefer to own their own home if they could and this is why you're not seeing that salary range in your rental business.

Yes. Phoenix is where we want to be indefinitely, and whether I get a software job here and transfer it; or get one here in CA, build experience, and then look for one in PHX; or if I just get one in Phoenix to start with right off the bat; any which way it goes, I will be making good money. And in the past 6 months that I've been coming to these boards on a regular basis, the more that I read of the attitude of landlords towards renters, the more it angers me and boils my blood. If I'm going to be treated like a poverty stricken lowlife scumbag by someone out to make a quick buck trying to rent properties out, I'd much prefer to give my rent money to an impersonal management company of a big apartment complex for a few years to save up money for a down payment so we can jump right into buying a house rather than deal with the rapidly deteriorating attitude toward and treatment of renters over the last decade or so by individuals. At least that kind of treatment from a big company is expected. But with a human being, meeting one to one as real people and not just numbers on a page, treating me like that is a one way ticket to nothing good, I'll tell you that. Voting with my wallet, etc.